Eminent economist, consultant and banker Urjit Patel was on Saturday appointed new Governor of the Reserve Bank of India. Patel will replace Raghuram Rajan, a former International Monetary Fund chief economist. Urjit Pate is one of the four deputies to current Reserve Bank Governor will be the new central bank chief, the government said on Saturday.Dr. Patel obtained his BA from the London School of Economics and pursued his Ph.D. from Yale University.
The tenure of the present governor Raghuram Rajan is ending on September 4. The appointment has been made on the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary.52-year-old Dr Patel is currently serving his second consecutive term as deputy governor of the Reserve Bank. He has run the central bank’s monetary policy department since 2013.